Property Overview
This 1953 one-storey home at 675 Borebank Street in Winnipeg's Central River Heights presents a specific and compelling opportunity. Its primary appeal lies in the generous 6,000 sqft lot, which ranks within the top 17% for size on its street and the top 22% in the neighbourhood. This sizable, above-average parcel of land is the standout feature, contrasting with the home's modest 987 sqft living area, which is below average for the area. The property includes a detached garage and an unrenovated basement, and it sold recently for $320,000.
The home suits practical buyers who see potential in the land itself. It's ideal for someone looking for a solid neighbourhood location with room to grow—whether that means future expansions, extensive gardening, or simply enjoying more private outdoor space than is typical. It would also appeal to value-conscious purchasers comfortable with a home that may require updates, prioritizing the lot size and location over move-in-ready finishes.
Frequently Asked Questions
1. Why is the assessed value so much lower than the sale price?
The municipal assessed value is for taxation purposes and often lags behind the current market, which is determined by what buyers are willing to pay. The sale price reflects the home's market value, considering the desirable lot size and location.
2. What does "below average" living area mean for daily life?
With 987 sqft, the floor plan is compact. It would suit individuals, couples, or small families comfortable with efficient use of space. The large lot effectively expands your living area outdoors for much of the year.
3. Is the unrenovated basement finished?
The listing specifies the basement is "not renovated," which typically means it is unfinished or in a basic, original state. It offers functional space for storage and utilities, with the potential for future development.
4. How does the lot size compare to a typical city lot?
At 6,000 sqft, this lot is notably larger. For context, the average lot in Central River Heights is about 5,581 sqft, and the city-wide average is around 6,570 sqft. You're getting more land than most in this established neighbourhood.
5. The home sold recently. What does that indicate?
The recent sale demonstrates active market interest in properties with this profile—a modest home on a large lot in a sought-after area. It provides a clear, current benchmark for the value of similar opportunities.